New York - NAV stands for net asset value. This is the market value of one share of a
mutual fund.

It is calculated each business day by adding
up the total market values of each investment in the mutual fund and then subtracting
management fees and 12-b-1 marketing fees. That total is then divided by the number of
outstanding mutual shares. Outstanding shares are the number of shares owned by everyone
who is currently invested.

You should note that the NAV does not include a
deduction for sales charges, transaction fees or brokerage commissions.